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Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2024
Financial Data of Segments
The following tables present the financial data for Blackstone’s four segments as of March 31, 2024 and for the three months ended March 31, 2024 and 2023.
 
                                                                                              
    
March 31, 2024 and the Three Months Then Ended
    
Real
  
Private
  
Credit &
  
Multi-Asset
  
Total
    
Estate
  
Equity
  
Insurance
  
Investing
  
Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
  $
694,179
 
  
  $
450,283
 
  
  $
370,998
 
  
  $
129,270
 
  
  $
1,644,730
 
Transaction, Advisory and Other Fees, Net
   
 
29,190
 
  
 
26,149
 
  
 
9,790
 
  
 
1,809
 
  
 
66,938
 
Management Fee Offsets
   
 
(2,930
) 
  
 
(267
) 
  
 
(892
) 
  
 
(8
) 
  
 
(4,097
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
720,439
 
  
 
476,165
 
  
 
379,896
 
  
 
131,071
 
  
 
1,707,571
 
Fee Related Performance Revenues
   
 
129,958
 
  
 
—
 
  
 
165,543
 
  
 
—
 
  
 
295,501
 
Fee Related Compensation
   
 
(174,569
) 
  
 
(157,392
) 
  
 
(181,337
) 
  
 
(40,779
) 
  
 
(554,077
) 
Other Operating Expenses
   
 
(89,762
) 
  
 
(86,879
) 
  
 
(85,530
) 
  
 
(26,807
) 
  
 
(288,978
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
586,066
 
  
 
231,894
 
  
 
278,572
 
  
 
63,485
 
  
 
1,160,017
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
49,967
 
  
 
446,455
 
  
 
15,120
 
  
 
24,851
 
  
 
536,393
 
Realized Performance Compensation
   
 
(21,863
) 
  
 
(218,938
) 
  
 
(5,445
) 
  
 
(6,778
) 
  
 
(253,024
) 
Realized Principal Investment Income (Loss)
   
 
2,193
 
  
 
22,208
 
  
 
3,597
 
  
 
(18,060
) 
  
 
9,938
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
30,297
 
  
 
249,725
 
  
 
13,272
 
  
 
13
 
  
 
293,307
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
  $
616,363
 
  
  $
481,619
 
  
  $
291,844
 
  
  $
63,498
 
  
  $
1,453,324
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
  $
12,846,955
 
  
  $
13,761,878
 
  
  $
7,607,377
 
  
  $
2,615,141
 
  
  $
36,831,351
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                              
    
Three Months Ended March 31, 2023
    
Real
  
Private
  
Credit &
  
Multi-Asset
  
Total
    
Estate
  
Equity
  
Insurance
  
Investing
  
Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
  $
705,387
 
  
  $
451,610
 
  
  $
326,779
 
  
  $
135,771
 
  
  $
1,619,547
 
Transaction, Advisory and Other Fees, Net
   
 
20,561
 
  
 
14,784
 
  
 
8,451
 
  
 
1,914
 
  
 
45,710
 
Management Fee Offsets
   
 
(10,457
) 
  
 
(1,310
) 
  
 
(1,101
) 
  
 
(2
) 
  
 
(12,870
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
715,491
 
  
 
465,084
 
  
 
334,129
 
  
 
137,683
 
  
 
1,652,387
 
Fee Related Performance Revenues
   
 
20,748
 
  
 
—
 
  
 
127,496
 
  
 
—
 
  
 
148,244
 
Fee Related Compensation
   
 
(137,610
) 
  
 
(161,626
) 
  
 
(163,999
) 
  
 
(45,736
) 
  
 
(508,971
) 
Other Operating Expenses
   
 
(74,181
) 
  
 
(76,763
) 
  
 
(74,238
) 
  
 
(26,466
) 
  
 
(251,648
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
524,448
 
  
 
226,695
 
  
 
223,388
 
  
 
65,481
 
  
 
1,040,012
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
11,096
 
  
 
499,322
 
  
 
125,181
 
  
 
5,927
 
  
 
641,526
 
Realized Performance Compensation
   
 
(3,165
) 
  
 
(232,934
) 
  
 
(56,772
) 
  
 
(3,153
) 
  
 
(296,024
) 
Realized Principal Investment Income
   
 
2,224
 
  
 
32,889
 
  
 
6,009
 
  
 
2,569
 
  
 
43,691
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
10,155
 
  
 
299,277
 
  
 
74,418
 
  
 
5,343
 
  
 
389,193
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
 
$
534,603
 
  
  $
525,972
 
  
  $
297,806
 
  
  $
70,824
 
  
  $
1,429,205
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2024 and 2023 along with Total Assets as of March 31, 2024:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Revenues
     
Total GAAP Revenues
   
  $
3,687,828
 
  
  $
1,381,845
 
Less: Unrealized Performance Revenues (a)
   
 
(445,936
) 
  
 
759,316
 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
(442,976
) 
  
 
479,120
 
Less: Interest and Dividend Revenue (c)
   
 
(97,839
) 
  
 
(95,101
) 
Less: Other Revenue (d)
   
 
(44,747
) 
  
 
14,180
 
Impact of Consolidation (e)
   
 
(106,874
) 
  
 
(58,987
) 
Transaction-Related and
Non-Recurring
Items (f)
   
 
(449
) 
  
 
4,788
 
Intersegment Eliminations
   
 
396
 
  
 
687
 
  
 
 
 
  
 
 
 
Total Segment Revenue (g)
   
  $
2,549,403
 
  
  $
2,485,848
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Expenses
     
Total GAAP Expenses
   
  $
1,790,407
 
  
  $
1,189,345
 
Less: Unrealized Performance Allocations Compensation (h)
   
 
(180,900
) 
  
 
313,249
 
Less: Equity-Based Compensation (i)
   
 
(317,779
) 
  
 
(268,134
) 
Less: Interest Expense (j)
   
 
(107,640
) 
  
 
(104,209
) 
Impact of Consolidation (e)
   
 
(25,949
) 
  
 
(56,674
) 
Amortization of Intangibles (k)
   
 
(7,333
) 
  
 
(11,341
) 
Transaction-Related and
Non-Recurring
Items (f)
   
 
(52,646
) 
  
 
(3,833
) 
Administrative Fee Adjustment (l)
   
 
(2,477
) 
  
 
(2,447
) 
Intersegment Eliminations
   
 
396
 
  
 
687
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
   
  $
1,096,079
 
  
  $
1,056,643
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Other Income
     
Total GAAP Other Income
   
  $
(17,767
) 
  
  $
65,856
 
Impact of Consolidation (e)
   
 
17,767
 
  
 
(65,856
) 
  
 
 
 
  
 
 
 
Total Segment Other Income
   
 
$
—
 
  
  $
—
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Income Before Provision for Taxes
     
Total GAAP Income Before Provision for Taxes
   
  $
1,879,654
 
  
  $
258,356
 
Less: Unrealized Performance Revenues (a)
   
 
(445,936
) 
  
 
759,316
 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
(442,976
) 
  
 
479,120
 
Less: Interest and Dividend Revenue (c)
   
 
(97,839
) 
  
 
(95,101
) 
Less: Other Revenue (d)
   
 
(44,747
) 
  
 
14,180
 
Plus: Unrealized Performance Allocations Compensation (h)
   
 
180,900
 
  
 
(313,249
) 
Plus: Equity-Based Compensation (i)
   
 
317,779
 
  
 
268,134
 
Plus: Interest Expense (j)
   
 
107,640
 
  
 
104,209
 
Impact of Consolidation (e)
   
 
(63,158
) 
  
 
(68,169
) 
Amortization of Intangibles (k)
   
 
7,333
 
  
 
11,341
 
Transaction-Related and
Non-Recurring
Items (f)
   
 
52,197
 
  
 
8,621
 
Administrative Fee Adjustment (l)
   
 
2,477
 
  
 
2,447
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
  $
1,453,324
 
  
  $
1,429,205
 
  
 
 
 
  
 
 
 
 
 
                        
    
As of
    
 March 31, 
    
2024
Total Assets
   
Total GAAP Assets
   
  $
39,706,302
 
Impact of Consolidation (e)
   
 
(2,874,951
) 
  
 
 
 
Total Segment Assets
   
  $
36,831,351
 
  
 
 
 
 
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and
Non-Recurring
Items.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2
) million, and included $44.5 million and $(14.7) million of foreign exchange gains (losses), respectively.
(e)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of
Blackstone’s
interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.
(f)
This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(g)
Total Segment Revenues is comprised of the following:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
   
2023
Total Segment Management and Advisory Fees, Net
   
  $
1,707,571
 
   
  $
1,652,387
 
Total Segment Fee Related Performance Revenues
   
 
295,501
 
   
 
148,244
 
Total Segment Realized Performance Revenues
   
 
536,393
 
   
 
641,526
 
Total Segment Realized Principal Investment Income
   
 
9,938
 
   
 
43,691
 
  
 
 
 
   
 
 
 
Total Segment Revenues
   
  $
2,549,403
 
   
  $
2,485,848
 
  
 
 
 
   
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
 
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2024
  
2023
                                                 
Total Segment Fee Related Compensation
   
  $
554,077
 
  
  $
508,971
 
Total Segment Realized Performance Compensation
   
 
253,024
 
  
 
296,024
 
Total Segment Other Operating Expenses
   
 
288,978
 
  
 
251,648
 
  
 
 
 
  
 
 
 
Total Segment Expenses
   
  $
1,096,079
 
  
  $
1,056,643
 
  
 
 
 
  
 
 
 
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Management and Advisory Fees, Net
     
GAAP
   
  $
1,727,148
 
  
  $
1,658,315
 
Segment Adjustment (a)
   
 
(19,577
) 
  
 
(5,928
) 
  
 
 
 
  
 
 
 
Total Segment
   
  $
1,707,571
 
  
  $
1,652,387
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
     
GAAP
     
Incentive Fees
   
  $
179,341
 
  
  $
142,876
 
Investment Income - Realized Performance Allocations
   
 
652,517
 
  
 
646,894
 
  
 
 
 
  
 
 
 
GAAP
   
 
831,858
 
  
 
789,770
 
Total Segment
     
Less: Realized Performance Revenues
   
 
(536,393
) 
  
 
(641,526
) 
Segment Adjustment (b)
   
 
36
 
  
 
—
 
  
 
 
 
  
 
 
 
Total Segment
   
  $
295,501
 
  
  $
148,244
 
  
 
 
 
  
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
GAAP Compensation to Total Segment Fee Related Compensation
     
GAAP
     
Compensation
   
  $
794,803
 
  
  $
716,285
 
Incentive Fee Compensation
   
 
73,707
 
  
 
63,281
 
Realized Performance Allocations Compensation
   
 
258,894
 
  
 
296,794
 
  
 
 
 
  
 
 
 
GAAP
   
 
1,127,404
 
  
 
1,076,360
 
Total Segment
     
Less: Realized Performance Compensation
   
 
(253,024
) 
  
 
(296,024
) 
Less: Equity-Based Compensation - Fee Related Compensation
   
 
(313,400
) 
  
 
(265,154
) 
Less: Equity-Based Compensation - Performance Compensation
   
 
(4,379
) 
  
 
(2,980
) 
Segment Adjustment (c)
   
 
(2,524
) 
  
 
(3,231
) 
  
 
 
 
  
 
 
 
Total Segment
   
  $
554,077
 
  
  $
508,971
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
     
GAAP
   
  $
369,950
 
  
  $
273,394
 
Segment Adjustment (d)
   
 
(80,972
) 
  
 
(21,746
) 
  
 
 
 
  
 
 
 
Total Segment
   
  $
288,978
 
  
  $
251,648
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Realized Performance Revenues
     
GAAP
     
Incentive Fees
   
  $
179,341
 
  
  $
142,876
 
Investment Income - Realized Performance Allocations
   
 
652,517
 
  
 
646,894
 
  
 
 
 
  
 
 
 
GAAP
   
 
831,858
 
  
 
789,770
 
Total Segment
     
Less: Fee Related Performance Revenues
   
 
(295,501
) 
  
 
(148,244
) 
Segment Adjustment (b)
   
 
36
 
  
 
—
 
  
 
 
 
  
 
 
 
Total Segment
   
  $
536,393
 
  
  $
641,526
 
  
 
 
 
  
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Realized Performance Compensation
     
GAAP
     
Incentive Fee Compensation
   
 $
73,707
 
  
 $
63,281
 
Realized Performance Allocations Compensation
   
 
258,894
 
  
 
296,794
 
  
 
 
 
  
 
 
 
GAAP
   
 
332,601
 
  
 
360,075
 
Total Segment
     
Less: Fee Related Performance Compensation (e)
   
 
(75,198
) 
  
 
(61,071
) 
Less: Equity-Based Compensation—Performance Compensation
   
 
(4,379
) 
  
 
(2,980
) 
  
 
 
 
  
 
 
 
Total Segment
   
 $
253,024
 
  
 $
296,024
 
  
 
 
 
  
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Realized Principal Investment Income
     
GAAP
   
 $
78,597
 
  
 $
108,058
 
Segment Adjustment (f)
   
 
(68,659
) 
  
 
(64,367
) 
  
 
 
 
  
 
 
 
Total Segment
   
 $
9,938
 
  
 $
43,691
 
  
 
 
 
  
 
 
 
 
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and
Non-Recurring
Items.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
(d)
Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(e)
Fee related performance compensation may include equity-based compensation based on fee related performance revenues.
(f)
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.